Tall & Urban News

A land parcel along Bnei Brak's Lechi Street was won by Reisdor, an Israeli real estate company, in an auction by the Israel Land Authority six months after buying an adjacent plot.

The parcel, consisting of 0.42 hectares in the north of the city, is zoned for office and commercial development. The company will pay ₪55 million (US$16 million) for the land, which includes infrastructure development costs. Surprisingly, Reisdor was also the sole bidder in the auction.

The parcel is also included in zoning plan 1045 covering an area of 79 hectares between the Yarkon River, Em Hamoshavot Road, Mivtza Kadesh Street, and Road 4. The plan is partly for residential construction.

The current purchase comes six months after Reisdor bought an adjacent 0.4-hectare parcel together with another company, also in an Israel Land Authority auction, for ₪57 million (US$17 million). The current purchase enables the companies to go ahead with a plan to build two 21-floor office towers on the combined parcels, which will also have commercial space and underground parking.

According to Yaki Reisner, the head of Reisdor, the area will compete with Ramat Hahayal as a business district and will benefit from proximity to a planned rail station, as well as a future bridge connecting north Bnei Brak to Ramat Hahayal, a northeastern neighborhood of Tel Aviv.

For more on this story, go to Globes.